Diageo CEO Debra Crew Resigns CFO Nik Jhangiani Interim

Debra Crew has stepped down as CEO of Diageo after a challenging period marked by declining sales in Latin America, supply chain issues, and a 43% drop in the company's shares, which raised investor concerns. Her departure, described as by mutual agreement, followed a profit warning less than six months into her tenure and occurred amid ongoing market struggles and geopolitical uncertainties impacting the firm. CFO Nik Jhangiani has taken over as interim CEO while Diageo begins a formal search for a permanent successor. Under Crew's leadership, the company undertook cost-saving measures and asset disposals in an effort to improve agility and operating leverage. Diageo's chair, John Manzoni, thanked Crew for her contributions during a turbulent period and expressed confidence in the company’s long-term prospects. The company had previously declined to comment on CEO replacement rumors until the official announcement was made.